The methodologies of indexing keep on evolving. Since the launch of the first exchange-traded fund in 2000, the Satrix TOP 40, investing in the performance of indices has taken off with a vengeance.
According to etfSA, the total SA market capitalisation of all ETFs and exchange-traded notes, listed on the JSE, amounted to R89.4-billion at the end of March. This is a sharp increase in the total market capitalisation of R77.8-billion at the end of 2018, a rise of 14,9%. The total market capitalisation of close to R90-billion is the highest on record for the end of a quarter since the inception of exchange-traded products in the country.
Although over 100-factor type strategies have been researched only a handful of factors have broad academic consensus these are: Value, momentum, size, low volatility and quality. Local exchange traded fund and index tracker specialist company – CoreShares is about to host the country’s first multi-factor indexing strategy for ETFs. It is in the process of re-mandating it’s Top 40 Equally Weighted ETF to start replicating the performance of the newly-established Smart Beta index, which the company says will be up and running by mid-July but subject to unit-holder approval.
These index funds have been accused of being heavily exposed to overvalued stocks and less so to undervalued stocks. Despite these criticisms, these indices have consistently managed to outperform most actively managed funds in South Africa.
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